Пряме іноземне інвестування в стратегії економічного зростання України

In order to develop scenarios of Ukrainian economic growth the author analysed the peculiarities and distinctive characteristics of foreign capital flows and their impact on the sustained development. As the result it was identified three factors of influence, which include industry life cycle stage and level of technology development, industry contribution to gross domestic product and international competitiveness assessed as export incremental growth. Taking into account mentioned above factors the author proposed the coefficient of importance of each industry based on the combination of these factors. The level of industry importance led to range of industries and selection of investment priorities in their turn. The dissertation describes how these ranges can be used for the modeling of a national economic growth. The author stated that there are three scenarios of possible development of the national economy. They are: 1) high-technology scenario, with a long-term orientation on development and maintenance of Ukrainian international technological competitiveness; 2) foreground support of industries with high level of contribution to current amount of GDP; 3) parity with equal share of each factor. Also in the dissertation the author calculated amount of foreign investments required to perform capital improvements and modernization of national economy.

The retrospection analysis of money market helped to distinguish the qualitative features of modern stages of international investments as well as main motivation factors driving capital market parties, which can be divided into four groups - financial, production, managerial and political motives. In addition to this the author gave reasons why the investment attractiveness of Ukraine determined by the strategic interests of multinational corporations and their desire to receive additional profit through the access to new markets, prolongation of product life cycles and lower ecology and quality standards. Author emphasize that such approach to MNC investment activities might not be in line with the strategic priorities of the national economy development

Investigation of foreign direct investment problematic and world experience led the author to believe that absence of governmental regulation neither help to launch the invisible hand principle nor to solve industrial, regional and structural problems, and in addition escalate regional inequality and further structural imbalances in national economy. Therefore the paper proposed four stages approach to investment flows management, i.e. 1) estimation of the current stage of the industry and its potential for further development with the selection of investment priorities; 2) estimation of capital requirements; 3) development of governmental motivating stimulus; 4) monitoring of capital injection effectiveness and correction of industrial priorities depending on changes of external environment.

Also the author systematized government approaches to the FDI regulations. In analytical part the author examined dynamic and structure of FDI in Ukrainian economy and proposed mathematical model of national economy development under investment approach.

Based on the performed analysis of theory and actual facts, the author developed industry priorities for FDI attraction. In addition the author developed algorithm of investment strategy development in order to attract FDI to strategic industries.

Key words:

Foreign Direct Investments, investment globalism, international money market, transnational corporations, economic growth, investment strategy, industry priorities for investments, national competitiveness.

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